College is one of the most expensive propositions for modern families. It ranks up there with the purchase of a new home. Having more than one child that is college bound is a daunting and sometimes undoable goal for many a family in today's economy.
However there are some strategies that can help cut the cost.
Let's examine the myth that only the most prestigious colleges give the best education. Many colleges can give students an excellent education. It is not only the prestigious ones. The quality of one's education not only depends on the quality of the professors who teach, but also on the students themselves. Anyone who wishes to get a good education has to be an active participant in the learning game.
Let's take Steve Jobs as an example. He did not go to MIT or Caltech. He went to Reed College, a liberal arts college. What made him ultimately successful? It wasn't the letters he carried after his name, but what he carried in his brain and in his soul; his innate sense of curiosity.
Today we do not need to learn all there is to know at a high priced college. Go to ITunes University and Ted Speaks and knowledge is yours, free for the asking.
There is no reason that any student who cannot afford a top-notch college cannot expand their knowledge by using the resources that are available on the net, and in their libraries.
Prestigious colleges come at an enormous cost.
College will give you a degree, but then there will be the curse of the student loans.
I can only relate my personal experience with my own son. He left college only owing 15,000 dollars. Because of health and work related issues, he defaulted on his loan for a year. When he finally came to me to help him reorganize his debt, his loan had escalated to 24,000. You see, the interest on these loans compounds! Even though the interest looks deceptively low, it will bite you in the end. Unfortunately, he was with a private lender. I called that lender every day for a month trying to work out a deal. I offered them a lump sum payment of 17,000, which they refused. There is no way around these loans; be it unemployment, sickness, nothing. You cannot default on them even if you declare bankruptcy. Finally, in frustration I found an ombudsman with the federal government. He was a godsend. We worked out a new loan, to be paid over twenty years. The repayment structure was based on my son's income. So while he was making less, he was responsible for less, and why he earned more, he paid more.
Consider two years of community college if you cannot swing college and have to take out loans. You can save money, and spend your last two years at a school of your choice, or if you are going on for your Master's degree, choose that year to study at a college with more perceived value.
Plan wisely at the beginning stages of this process and you will have more financial freedom at the end.
Lu Pierro, 20+ Year educator, author and life coach. My mission is to help people actualize their unlimited potential, be they high school students, midlifers, or senior citizens. Check out my latest books: SAT-ACT Test Taking: In the Zone Strategies That Spell Success and Next Stop College: 50 Fabulous Websites to Help You Navigate the Year. Both are available on Amazon in Kindle Format.
No comments:
Post a Comment